IRS Increases Mileage Rates through Dec. 31, 2008  WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70. In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. "Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers." While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs. The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. The new six-month rate for computing deductible medical or moving expenses will also increase by eight (8) cents to 27 cents a mile, up from 19 cents for the first six months of 2008. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile. The new rates are contained in Announcement 2008-63 on the optional standard mileage rates. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Mileage Rate Changes Purpose    Rates 1/1 through 6/30/08    Rates 7/1 through 12/31/08  Business 50.5 58.5   Medical/Moving     19 27 Charitable 14 14 Newswire provided by the Internal Revenue Service. For more information, please contact one of our accountants. Minnesota Property Tax Refund... Are you eligible? Basic qualifications: As a renter, your total household income for 2007 must be less than $50,430. As a homeowner, you may be eligible for one or both of the following refunds:  Regular property tax refunds, your total household income for 2007 must be less than $93,480. Special property tax refund, you must have owned and lived in your home both on January 2, 2007 and on January 2, 2008; your net property tax on your homestead must have increased more than 12 percent from 2007 to 2008; and the increase must be at least $100. There is no income limit for the special property tax refund. What you will need: Statement of Property Taxes Payable in 2008, and/or; Form CRP- Certificate of Rent Paid for 2007 How to file: Mail in or drop off you Statement of Property Taxes Payable and/or Certificate of Rent Paid for 2007 at our office; One of our Certified Public Accountants will prepare your refund; We will notify you upon completion and mail back to you.  Don't miss another payment again...  Now you can automatically pay your Federal and Minnesota quarterly estimates so you won't have to worry about missing a deadline! If you provide us with your social security number, bank routing and account numbers we can setup automated payments that will be directly withdrawn from your account. You can set your payments to be paid in advance or at the last minute. You may cancel any automatic payment up to one business day before the withdrawl date if needed. Please call and speak with one of our accountants today and let us automatically maintain your financial health.